section 269SS attracts penalty and section 271D provides for imposition of penalty for violation of the provisions of section 269SS . It is in this context ... appeal, assessment year, previous year, etc. Hence, penalty under section 271D for violation of section 269SS is governed by section
u/s 271D of the
Act for accepting loan in contravention of provisions of section 269SS of the Act.
3. On appeal, the learned ... assessee liable to penalty under section 271D
of the Act on account of violation of the provisions of section 269SS
clause for reasonable cause is provided in Section 273B of the Act for violation of Section 269SS of the Act and in view of that ... Section 276DD was replaced by Section 271D and the punishment of imprisonment was taken away. The failure to comply with the provisions of Section 269SS
loan exceeding
the threshold limit in violation of provisions contained under
section 269SS of the Act, the Assessing Officer separately initiated
proceeding for imposition ... order imposing penalty under section
271D of the Act is invalid. He submitted, the object of introducing
section 269SS and 271D
provision
of section 271D is very much clear. For the sake of convenience provision of section 271E is
reproduced herein below:
Section 271D ... Section 271D
(1) If a person takes or accepts any loan or deposit in contravention of the
provision of section 269SS , he shall be liable
fact has
violated the provision of section 26955/269T which prohibits
such transactions', The proviso to section 269SS exempts
certain categories mentioned ... existence of reasonable cause u/s 273B which led to the
exigency of contravention of provisions of Sections 269SS /ST?"
2. "Whether
other persons; that
all these loans were in contravention of sections 269SS / 269T which
attracted penalties u/s 271D / 271E ... documents
represented cash loans taken/repaid by assessee in violation of section
269SS / 269T ; finally he imposed penalties u/s 271D & 271E vide order
Range-2, Rajkot on account of alleged contravention of provision of section 269SS of the
Act. The penalty being totally unjustified on facts as also ... squarely by the provisions of section 271D of the IT act, 1961 for contravention of provisions in
section 269SS of the IT Act, 1961. Therefore
concealment of income. It
may be noted that Section 271D read with Section 269SS was introduced
by the legislature to discourage the menace of black ... wife, carrying on the business as sister
concerns. Section 271D read with Section 269SS was introduced by the
legislature to discourage the menace of black
penal
provisions under section 271D and 271E ''.
He had only made an observation that conditions stipulated in Sec.
269SS and 269T ... opinion that
penalty u/s. 271D as well as 271E of the Act for violation of Sec. 269SS
and 269T of the Act were rightly
